Amendments to the Accounting Act to save business 1 billion NOK

A simplification of the Accounting Act, which was adopted on Tuesday, can save Norwegian small businesses as much as 1 billion, the government believes.

The new tax amendment comes into effect from New Year. The changes are based on small companies who will no longer have an obligation to prepare an annual report, which will reduce the cost by 700 million NOK a year, according to the government.

“Thousands of small and medium-sized businesses across the country will reduce their cost of accounting with these simplifications,” said Elin Rodum Agdestein, of the political party Right’s finance committee. She says the simplicity is the year’s Christmas gift from the government to businesses.

The proposal was submitted by the Ministry of Finance as part of the government’s simplification work. It is estimated that Norwegian businesses spend 60 billion kroner a year to report to the state.

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